But what’s driving this situation? The leading cause appears to be a general lack of supply. From delays brought about by the pandemic to a shortage of new homes across the UK, the supply-demand ratio is proving difficult to balance.
Low-interest rates and rising inflation also mean that buyers hope to reduce their potential mortgage debt. This combination of factors has contributed to UK house prices increasing by 9.8% between March 2021 and 2022 – adding £24,000 to the average value.**
The market is still strong as we move into the summer months – and will most likely remain so for the foreseeable future.
Do you know how much your home is worth right now? If you’re thinking of selling, book a valuation with us today.
**UK House Price Index